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Long-abandoned auto dealership in Los Gatos lands buyer

The site of the abandoned dealership (Google Maps)
The site of the abandoned dealership (Google Maps)

A former Chevrolet dealership in Los Gatos that has been boarded up since closing during the 2008 financial crisis has been sold for just over $15 million — more than double the price when it changed hands in 2012.

SHP Cute, an affiliate of Sand Hill Property, bought the site, at 15650 and 15600 Los Gatos Boulevard, the Mercury News reported.

Longs Drug Stores California, owned by the CVS chain, bought the property for $5.8 million in 2012. City planning documents suggest the owners intended to build a drugstore, but those plans were ultimately dropped and a CVS opened a store down the street.

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Sand Hill has multiple development projects in Los Gatos, including a 40,000-square-foot office building at 15400 Los Gatos Boulevard that’s aimed at a build-to-suit medical tenant. Others include a mixed retail and housing development at 16005 Los Gatos Boulevard and a 550,000-square-foot Class A office complex at the former Los Gatos Business Park, according to its web site.

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[Mercury News] — Victoria Pruitt 

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Los GatosMixed-useRedevelopment